Hints & Tips
Tesco Instant Access Savings
Saving the convenient way as you shop. Save money. Save time.
- In store
- Online
- Over the phone
Plus you can enjoy a competitive rate of up to 1.25% Gross/AER (variable) (minimum balance to earn this rate is £50,000).
What's in it for me?
- Convenience - Deposit cash and cheques or withdraw cash at your local Tesco Store (excluding Express and petrol filling stations)
- Instant access to your funds - Online and through Telephone Banking (Please note daily withdrawal limits apply)
- Get an ATM Card - Withdraw cash FREE at any of our 32,000 LINK cash machines across the country
- Benefit from tiered interest rates - the more you save the more you add to your savings!
- Interest - can be paid monthly / annually
- Regular Savings - set up a Direct Debit to make regular (and one off) payments into your Instant Access Savings account when it suits you
- Save for under 16s - With the 'in trust for' option
Managing your Instant Access Savings
Access your accounts 24 hours a day, seven days a week online, or in Tesco stores up and down the country. Here's what you can do:
| Deposit Money | Withdraw Money |
|---|---|
|
|
Please note daily withdrawal limits apply.
Additional Information
Faster Payments are fully supported by Tesco Savings, but the other Bank or Building Society will also need to use the Faster Payment system for a payment to be made using this method. We're unable to accept CHAPS payments.
A BACs transfer is an electronic transfer from another Bank Account.
Annual interest rates
Choose the Annual or Monthly interest tabs above to view our rates.
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross/AER | Net | AER | ||
| £1 + | 0.75% | 0.60% | 1.00% | |
| £10,000 + | 1.00% | 0.80% | 1.25% | |
| £50,000 + | 1.25% | 1.00% | 1.50% | |
Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid annually. Interest will be paid on the last business day in April for annual accounts.
Rates are variable and effective from the 28th May 2009. Rate definitions.
Definitions
- Gross is the interest rate paid before tax is deducted.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and combined each year.
- Net is the interest rate paid after tax is deducted.
Tax
Tesco Savings interest rates are variable and subject to change. Interest is paid net of basic rate tax. Non-taxpayers need to complete an R85 form to receive Gross interest. Higher rate taxpayers may have to pay additional tax.
Monthly interest rates
Choose the Annual or Monthly interest tabs above to view our rates.
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 + | 0.75% | 0.75% | 0.60% | 1.00% |
| £10,000 + | 1.00% | 1.00% | 0.80% | 1.25% |
| £50,000 + | 1.24% | 1.25% | 0.99% | 1.50% |
Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid monthly. Interest will be paid on the last business day of the month for monthly accounts.
Rates are variable and effective from the 28th May 2009. Rate definitions.
Definitions
- Gross is the interest rate paid before tax is deducted.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and combined each year.
- Net is the interest rate paid after tax is deducted.
Tax
Tesco Savings interest rates are variable and subject to change. Interest is paid net of basic rate tax. Non-taxpayers need to complete an R85 form to receive Gross interest. Higher rate taxpayers may have to pay additional tax.
Free bank account guide from Moneymadeclear
Moneymadeclear has impartial information and tools to help you with your money.
Download or order your free copy of Just the facts about your Bank Account from www.moneymadeclear.fsa.gov.uk or call 0300 500 5000 (call rates may vary).
Manage your Savings accounts online.
- It's free, safe and available to all acount-holding customers
- Register for My Accounts with one log-in
- View transactions, balances and transfer funds.
Lost or stolen cards?
Call our 24 hour contact number:
0800 015 3198
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